Finance Options for Solar Power Systems & Batteries
Green Loans
When considering finance for your solar system and/or other energy efficient products your safest and the most cost-efficient choice is a Government-backed Green Loan which is specifically designed for those wanting to invest in green projects. A well-known and reputable name amongst the market is RateSetter who provide low-interest loans, specifically for green projects or energy efficient products. Supported by the Clean Energy Finance Corporation, RateSetter’s Green Loan offers low-interest rates from 6.9% p.a.
A Green Loan’s low-interest rate means the savings you have accumulated from using your solar system could potentially cover your loan repayments!
Rates as low as 6.9% p.a.
Borrow from $2,001 – $45,000 for green projects; including solar systems and battery
From 3 – 7 years with no exit fees or early repayments penalties
Fast online application in as little as 5 minutes
Be rewarded for having great credit
Many of our installers are accredited to provide finance through Green Loans and can assist you with your finance applications.
Government Assistance
Some State Governments in Australia provide financial assistance for energy efficient purchases such as solar and/or battery storage for solar, usually in the form of interest-free or low interest loans. To find out what is available in your State, check out our Government Incentives page here.
Power Purchase Agreement (PPA)
A Power Purchase Agreement (PPA) is a financial arrangement where a solar installation company will install a solar PV system at your property for free, and then sell you (the occupier) back the power generated at a lower price than you would pay from an energy retailer.
Whilst this is becoming somewhat popular in the commercial solar industry it is still yet to take off in the residential solar market.
Add To Your Home Mortgage
Another option some homeowners opt for is borrowing more against their homes mortgage to invest in a solar system. Whilst this isn’t a terrible option, if you’re only paying the minimum repayments towards your mortgage then you could end up paying for your solar system over a longer period of time than the typical 3-5 years payback if you were to pay upfront.
Beware of Interest Free Loans Through Lenders
The trend of advertising ‘Interest-free’ is becoming increasingly popular amongst lenders and companies offering personal loans, and this is not surprising. ‘Interest-free’ is an effective phrase and stirs interest from those looking to borrow. However, in many circumstances the cost that someone is not paying in interest will be hidden in other costs.
Note: This is regarding lenders and NOT Government supported interest-free loan programs
Here’s some of the additional and/or hidden costs you might find when considering an interest-free loan.
Product Prices Being Marked Up
Say you’re looking to buy a solar system and you’ve found a specific brand, model and size at the upfront cost of $7000. Now you’ve realised you can’t afford the upfront $7000 hit to your bank account and have found an interest-free loan. But hold on, the $7000 system is valued at over $8500 when signing with the interest-free lender?! How did that happen?
Long story short the lender will charge the retailer a percentage of the sale and in turn, the retailer marks up the price of the product to cover the costs. Meaning you could be charged over 20% extra for the solar system that has a retail value of $7000.
The extra percent added to the price will be dependent on the lender, retailer, loan amount, length of loan etc. However, you can expect to see at least 20% added to the retail price when going “interest-free”.
Additional Payment Fees
Being charged an extra 20% won’t be the only charges you’ll see coming from your interest-free loan. Be prepared to fork out some recurring charges under the following descriptions on your bank statement.
Customer establishment fees
Processing fees
Revolving credit account fees
Change of details fees
Late payment fees
Collection fees
And whilst you won’t be paying interest, you’ll be paying $500-$1000 + during the duration of your loan on these charges alone (On top of the marked-up price).
Speak to installers who are accredited to provide Green Loans with low interest rates! Get Obligation Free Quotes!
Download Your FREE Beginner’s Guide To Solar Power!
If you’re considering solar for your property or just looking to maximise the savings for your solar system, download a FREE copy of our "Beginner’s Guide To Solar Power".
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Includes detailed explanations and diagrams of the various types of solar systems and their parts, solar battery storage systems, Government incentives, expected ROI periods, finance, energy saving tips and more!
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For some households a battery system can be of great benefit and minimise a home’s reliance on the grid. However, it’s important to understand for a battery to be useful your solar system needs to be generating excess energy for the battery to store, which you can then use at night or when the sun is not out.
When selecting a battery, you’ll want to invest in a system that is most suited to your home and can drive the best return on investment (ROI). Despite a larger upfront cost, a higher quality battery may significantly increase your ROI.
Battery systems start from $6,000 and costs can vary greatly based on the following factors:
Cycle Life-Time
The number of times a battery can fully charge and discharge.
Battery Power (kW)
How fast it can be charged or discharged.
Storage Capacity (kWh)
The maximum amount of energy a battery system can store.
Battery Management System (BMS)
An electronic ‘smart’ system that gathers data and manages the battery ensuring it does not overload or operate outside of its safe functioning zone..
Inverter
Battery systems require their own inverter if your solar system does not have a hybrid inverter.
'All-In-One Unit’
A system which includes the battery, BMS and an inverter all in one unit.
Warranty
Length of time or cycles the battery system is under guarantee.
Blackout Protection/Backup
It’s important to note this is not a common feature of a battery system and could cost thousands of dollars to include. Blackout protection not only requires additional components but also a specialised installation and rewiring. For grid-connected homes, the cost for blackout protection can outweigh the benefit.
Additionally, if your purpose for adding battery is to go Off-Grid and become completely independent from the grid you will need to ensure your solar system can generate enough energy to power your home and your battery system is large enough to store this energy. For homes in metro areas going Off-grid is not cost effective and is only recommended for those in remote areas with limited access to the grid. Off-grid solar systems with battery start at approximately $30,000.
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